U.S. GDP growth slows to 2.1% in the 2nd quarter

Data: Bureau of Economic Analysis The U.S. economy grew at a 2.1% annualized rate in the second quarter. =It’s a significant slowdown from the first quarter’s 3.1% growth rate, but still better than the 1.9% economists had expected. Once again, strong consumer spending offset the sharp decline in business investment and trade’s drag on growth. … Read moreU.S. GDP growth slows to 2.1% in the 2nd quarter

Fed opens the door to potential rate cuts later this year

The Federal Reserve kept interest rates on hold on Wednesday (June 19), but signaled that rate cuts could be coming down the road. It removed the key word “patient” from its policy statement, while noting that “uncertainties” about its previously rosy economic outlook have increased. This marks a significant shift in tone for the central … Read moreFed opens the door to potential rate cuts later this year

Empire State manufacturing index posts largest-ever drop into negative territory in June

The New York Fed’s Empire State business conditions index took a sharp turn for the worse in June, falling into negative territory for the first time in more than two years. The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, the New York Fed said Monday. That’s a record decline. Economists … Read moreEmpire State manufacturing index posts largest-ever drop into negative territory in June